While most of the world’s largest cryptocurrencies made a serious comeback in 2023, seeing their prices more than double in the first six months, other digital coins continued underperforming the market and bringing losses to their holders. Shiba Inu (SHIB) is one of them. Besides a new price drop, the once-popular meme coins also saw its user count fall drastically.
According to data presented by BitcoinCasinos.com, the number of Shiba Inu active addresses has plunged by more than 600,000 in two years, standing at around 129,000 last month.
An 82% User Drop Since an All-Time Peak in 2021
At the peak of its bull rally, Shiba Inu’s active user count had grown fast, with its holder base quickly rising above one million. But the Glassnode data show investors are no longer as interested in SHIB as they used to be.
Between March and May 2021, SHIB active addresses skyrocketed by a whopping 2,850%, rising from 18,600 to more than 550,000. Five months later, they hit an all-time high of over 756,000. But it was downhill from there.
In January 2022, the active user count stood at 179,800, showing a 76% drop in just three months. After rising to 236,600 in March, SHIB active addresses continued falling before reaching the deepest point of 84,151 in June, as more investors took a step back from the market during uncertain times. The following months saw an increase, with the total number of active SHIB addresses recovering to 111,300 in December.
Although Shiba Inu’s active user count continued growing in the first quarter of 2023, the last four months brought another downturn. In July, the number of active SHIB addresses stood at around 129,100, or 82% less compared to an all-time peak in October 2021.
The Glassnode data show the number of new addresses created for the meme coin also plunged in the past two years. Last month, there were around 89,950 new SHIB addresses, six times less than almost 537,000 registered in October 2021.
82% of SHIB Investors Lost Money
A huge drop in Shiba Inu’s active user count results from the coin’s poor performance throughout 2022 and 2023. According to CoinMarketCap data, the SHIB was the second worst crypto performer among the top ten in the first half of the year, behind Toncoin.
Statistics show Toncoin’s price plunged 36% between January and June, while Shiba Inu saw an 11% drop. Polygon and Dogecoin followed, with their prices falling by 9.7% and 6% in the year’s first half.
According to IntoTheBlock data, Shiba Inu has brought more losses than the gain to 82% of its holders.